Certified Government Financial Manager (CGFM) Practice Exam 2026 - Free CGFM Practice Questions and Study Guide

Generally Accepted Government Auditing Standards (GAGAS) is commonly referred to as the "Yellow Book." This designation comes from the color of the cover of the publication that contains these standards, which are established by the Government Accountability Office (GAO) for audits of government organizations, programs, activities, and functions. The Yellow Book provides the framework for conducting these audits in a manner that ensures independence, accountability, and adherence to generally accepted auditing principles.

The other options do not accurately represent GAGAS. The term "Blue Book" typically refers to a different set of standards or guidelines, often related to governmental budgeting or statistical reporting. "Audit Manual" is a more generic term that could apply to any auditing guidelines or procedures and does not specifically denote GAGAS. "Accounting Standards" refers broadly to the principles and guidelines for financial reporting, without the specific focus that GAGAS has on government audits. Thus, "Yellow Book" is the recognized alternate term for Generally Accepted Government Auditing Standards.